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The difference in pay for men and women has been closing, partly as more women work in high-paying industries and jobs, said the think-tank.

But an enduring "pay penalty" remains when women have children, which will continue to affect their earnings, said the report.

The analysis found baby boomers, those born between 1946 and 1965, experienced a pay gap of 16 per cent during their 20s, falling to nine per cent for women born between 1966 and 1980 and then to 5 per cent for those born between 1981 and 2000 - described as millennial women.

Despite this progress in the early career phase, the gender pay gap continues to rise rapidly for women in their 30s and 40s, said the foundation.

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"But while many millennial women haven't experienced much of a pay gap yet, most probably will once they reach their 30s, when they start having children. What's more this pay penalty is big and long-lasting, and remains for younger generations despite the progress in early careers.

"As people continue to live and work for longer, it's important that businesses, policy makers and civic society continue to focus on closing the gender pay gap at all ages, and for every generation.

"After all, small hourly pay gaps quickly grow into large lifetime pay penalties that can leave women hundreds of thousands of pounds worse off over the course of their careers."

Shadow equalities secretary Sarah Champion said: "It is encouraging to see the pay gap closing while people are in their twenties, but it is also clear that this Tory Government is failing to address its underlying long-term causes.

"Many women are still trapped in chronically low-paid, low-progression sectors of the economy, while the cost of childcare has soared under the Tories.